Registered number
06137674
Powerline Property Ltd
Unaudited Filleted Accounts
31 March 2023
Powerline Property Ltd
Registered number: 06137674
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 918,458 522,711
Current assets
Cash at bank and in hand 7,785 14,923
Creditors: amounts falling due within one year 4 (534,375) (226,779)
Net current liabilities (526,590) (211,856)
Total assets less current liabilities 391,868 310,855
Creditors: amounts falling due after more than one year 5 (353,236) (255,279)
Net assets 38,632 55,576
Capital and reserves
Called up share capital 100 100
Profit and loss account 38,532 55,476
Shareholders' funds 38,632 55,576
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G J Mann
Director
Approved by the board on 20 March 2024
Powerline Property Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and reward of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on straight line basis
Fixtures and fittings 15% on straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 522,223 650 522,873
Additions 300,372 103,106 403,478
At 31 March 2023 822,595 103,756 926,351
Depreciation
At 1 April 2022 - 162 162
Charge for the year - 7,731 7,731
At 31 March 2023 - 7,893 7,893
Net book value
At 31 March 2023 822,595 95,863 918,458
At 31 March 2022 522,223 488 522,711
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 46,365 8,500
Trade creditors 2,229 -
Other creditors 485,781 218,279
534,375 226,779
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 103,236 109,779
Other creditors 250,000 145,500
353,236 255,279
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 73,740 127,500
Secured bank loans 149,601 118,279
The bank loans are secured by mortgage on the property.
7 Other information
Powerline Property Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
63 Mwrog Street
Ruthin
North Wales
LL15 1LB
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